Our Market

The Only Market that Matters is Ours!

What is the status of our local Real Estate market? This is a common question asked of us on a daily basis. Homeowners, potential home owners, business people, builders, sellers and news media all want to know what is going on in the Tri-Cities Real Estate market. Unlike economists who can only judge what is happening by looking at past data, our profession uses not only past data, but we also have the benefit of knowing what is happening in the present. The present time has to do with how many contracts are being accepted and how many multiple offer situations we are seeing, creating competition for that home.

The nation’s average appreciate rate for homes as reported by the National Association of Realtors since 1968 has been 1.7% above the national inflation rate. When a housing market spirals out of control upward there is always a correction. That is exactly why certain highly visible “National” areas are experiencing a housing problem and why we are balanced and very healthy.

A balanced housing market is everything we could ever hope for in our local economy. Prices rise slowly, which allows homeowners to move up to another home and gives homebuilders the opportunity to continue building and keep up with the inflation of the cost of their supplies and sub-contractors.

Are you a buyer looking for a new home? Are you a seller with a home on the market?

Here’s what Gary Keller, co-founder and chairman of Keller Williams has to say about the current market:

First, residential real estate is not a national market product — it is a local one. To say from a national position that this is either a good time or a bad time to buy real estate is like saying the national forecast for the U.S. today is 92 degrees — it is a useless and irrelevant perspective. What is happening in your local market is all that matters.

Second, trying to predict when it is a good time to buy, or not, means you’re trying to time the market. Staying on the sidelines is the surest way for most people to never time anything correctly.

Last, and maybe most important — there are always two markets in every market. There is the market of properties that are good buys and there is the market of properties that are not a good buys. Interestingly enough, this is true in either buyer or seller markets. To categorically say that this is the time to buy or not is absolutely ignoring the fact that every market really has two markets inside it.

What does this mean to you? The market is great! Buyers: There are a lot of homes to choose from in Kennewick, Pasco and Richland. Sellers: If your home is currently listed for sale, there are a lot of buyers looking for homes in the Tri Cities, and if yours is priced right and it’s competitive in the market, it will find a buyer quickly.

If you’d like more information on the local real estate market in the Tri-Cities, I would love the chance to share it with you!

Robert Sheedy, Realtor® Email: Robert@EnjoyTriCities.com

(509) 205-1657

Kennewick, real estate, Washington, WA, Tri Cities, homes sale, listings, Pasco, Robert Sheedy, richland, realtor, west richland, mls, services, search